Concerns Over Currencies of Resource-Rich Countries as the Taliban Seizes Kabul
16.08.2021
- Number of New and Used Home Sales
- Turkey: Home Sales
Last weekend, the three major U.S. stock indices all rose slightly, resulting in a market environment characterized by rising stock prices, falling interest rates, and a weaker U.S. dollar.WTI crude oil continued to fall and is currently trading around $67.50 per barrel. Crude oil is being sold off as uncertainty surrounding the U.S. economy has increased following reports that the Taliban, an anti-government militant group in Afghanistan, seized control of the capital, Kabul, yesterday.
The foreign exchange market is generally trending toward a stronger yen, with the AUD/JPY pair falling from 80.87 to 80.25.The Australian dollar has been the weakest currency during today’s Asian trading session. From a technical perspective, if it breaks below the recent low of 80.1, it could fall below the key 80.00 level and drop to 79.8, so traders should monitor price movements closely.Additionally, the Canadian dollar against the yen is also falling sharply and is currently trading around 87.26.
Today's economic indicators include Turkish home sales at 16:00,at 21:30: Canadian manufacturing sales, Canadian wholesale sales, and the U.S. New York Fed Manufacturing Index; at 22:00: Canadian existing home sales; and at 29:00: U.S. securities investment (net long-term flows).We’ll need to carefully assess whether significant volatility will emerge at the start of the week, keeping geopolitical risks in mind.
